How Small Tax Evasion Mistakes Can Cost Big: The Shocking Story of a client // Ep. 20 with J&J

In this episode of Diary of a Tax Practice Owner, hosts Jamie Gruol and Jessica Smith dive into a special four-part series about the risks of dealing with “crazy” and risky clients. They kick off the series by discussing one particularly alarming case involving a client who was unknowingly caught up in a tax evasion scheme. Jessica shares her firsthand experience working with a promoter of an abusive trust tax evasion scheme, shedding light on how social media has played a role in spreading misleading tax advice.
Listen in as they unpack the true cost of getting involved in these types of schemes, the misconceptions around them, and how even trusted figures can lead individuals down a dangerous path. Tune in for insights into what these schemes entail and how the IRS is cracking down on them.
Key Takeaways:
👉 What is an abusive trust tax evasion scheme? Learn about the mechanisms behind these schemes, why they sound too good to be true, and the truth about their legal standing.
👉 How social media is fueling misinformation: Understand how platforms like Instagram and Twitter are breeding grounds for false tax advice.
👉 The risks of promoting tax fraud: Hear the story of a client who became the subject of IRS scrutiny for promoting these illegal schemes.
👉 IRS red flags: Learn what warning signs to watch out for when it comes to questionable tax advice and how the IRS is catching those involved.
👉 The cost of tax fraud: Find out the potential penalties and long-term consequences of engaging in or promoting tax evasion.
Featured in This Episode:
👉 Jessica Smith shares her experiences as a tax professional dealing with criminal tax matters.
👉 How social media influencers, even those who seem trustworthy, may not be the right sources for tax advice.
👉 The real story of how a client fell victim to tax evasion schemes, and the lessons learned from the experience.
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Don't miss this inspiring episode of Diary of a Practice Owner!
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👉🏻 Learn more about us:
Hi! I am Jamie Gruol, co-founder of the Workflows for Tax Pros movement, where we believe automation is the ONLY way to increase Profit AND Time Freedom in your practice!
My biz partner Jessica Smith, EA, and I are on a mission to help the tax pros, accountants, and bookkeeper industry stop working so damn hard and start enjoying their businesses again.
We created this channel to show how a thoughtful client experience mixed with the magic of automation can result in you working less on the meaningless stuff in your practice and start enjoying your family and life again! (Isn't that why you started your business in the first place? )